Spotify has officially increased its Premium prices for individual subscribers in the US, UK, and Australia, with markets worldwide expected to be affected. The price hike was announced on the Spotify blog, and existing subscribers will receive an email explaining the changes to their accounts.
This move comes after Spotify raised prices for its Family plan in 2021, and now it’s the turn of individual subscribers to pay more for their premium service. The new monthly subscription costs for Spotify Premium in the US are $10.99, £10.99 in the UK, and AU$12.99 in Australia.
The price increase was somewhat expected, as Spotify’s CEO, Daniel Ek, hinted at possible price rises in April of this year. The music streaming industry has been facing financial challenges, but executives believe they can raise prices without losing too many subscribers.
Comparing Spotify’s new prices to its competitors, Apple Music and Amazon Music Unlimited, reveals that all services are priced similarly for individual plans at $10.99 in the US. The Family plans range from $15.99 to $16.99, and student plans are offered at $5.99 for all three services.
Last year, Apple and Amazon both raised their subscription costs, citing increased licensing expenses as the reason. The shift from physical to digital media and the subsequent adoption of monthly streaming models have disrupted the music industry, leading platforms to adjust pricing to find a balance between user satisfaction and artist compensation.
